Snap-On Incorporated Stock Forecast
Green day on Tuesday for Snap-On Incorporated
(Updated on May 07, 2024)
The Snap-On Incorporated stock price gained 0.83% on the last trading day (Tuesday, 7th May 2024), rising from $274.59 to $276.86. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.05% from a day low at $275.06 to a day high of $277.94. The price has risen in 6 of the last 10 days and is up by 2.03% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 57 thousand more shares were traded than the day before. In total, 207 thousand shares were bought and sold for approximately $57.21 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Snap-On Incorporated stock with a 90% probability to be traded between $266.16 and $302.80 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SNA Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.77%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Snap-On Incorporated stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $282.91. On a fall, the stock will find some support from the short-term average at $271.04. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Snap-On Incorporated stock
Snap-On Incorporated finds support from accumulated volume at $267.74 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.88 between high and low, or 1.05%. For the last week, the stock has had daily average volatility of 0.97%.
Our recommended stop-loss: $262.15 (-5.31%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (SNA) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Snap-On Incorporated to open at $276.62, and during the day (based on 14 day Average True Range), to move between $272.33 and $281.39, which gives a possible trading interval of +/-$4.53 (+/-1.64%) up or down from last closing price. If Snap-On Incorporated takes out the full calculated possible swing range there will be an estimated 3.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $267.74 (3.29%) than the resistance at $289.20 (4.46%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Snap-On Incorporated stock A Buy?
Snap-On Incorporated holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.677 Hold/Accumulate Unchanged
Predicted Opening Price for Snap-On Incorporated of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $276.62 ( 0.0867%) | $276.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SNA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 279.50 | 0.95 % | |
| R2 | 278.40 | 0.556 % | ||
| R1 | 277.72 | 0.311 % | ||
| Current price: | 276.86 | |||
| Support | S1 | 275.52 | -0.484 % | |
| S2 | 274.84 | -0.730 % | ||
| S3 | 273.74 | -1.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 295.24 | 6.64 % | |
| R2 | 294.61 | 6.41 % | ||
| R1 | 289.20 | 4.46 % | ||
| Current price | 276.86 | |||
| Support | S1 | 267.74 | -3.29% | |
| S2 | 266.03 | -3.91% | ||
| S3 | 261.76 | -5.45% |
SNA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | May 17, 2024 | Jun 10, 2024 | $1.86 | 0.672% |
| 2 | Feb 23, 2024 | Feb 23, 2024 | Mar 11, 2024 | $1.86 | 0.637% |
| 3 | Nov 02, 2023 | Nov 20, 2023 | Dec 11, 2023 | $1.86 | 0.662% |
| 4 | Aug 03, 2023 | Aug 18, 2023 | Sep 11, 2023 | $1.62 | 0.620% |
| 5 | Aug 03, 2023 | Aug 17, 2023 | Sep 11, 2023 | $1.62 | 0.620% |
FAQ
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